Research Update: France-Based SCOR SE 'A' Ratings Affirmed Following The Announcement Of Transamerica Re Acquisition; Outlook Positive Apr 11

Standard & Poors, April 2011

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
SCOR SE has announced its intention to acquire Transamerica Reinsurance business, a division of AEGON N.V. (AEGON), through a series of retrocession agreements, novations, and asset and stock purchases. As part of the transaction, SCOR will also acquire two legal entities, Transamerica International Reinsurance Ireland Ltd. and Quantitative Data Services. We are affirming the 'A' ratings on SCOR SE and its guaranteed subsidiaries. The positive outlook remains unchanged and reflects our expectation that we may raise the ratings if SCOR were to sustain an improvement in its underlying profitability of non-life business and maintain its strong capitalization. The positive outlook also reflects our expectation that the transaction will not adversely affect SCOR's financial profile. On April 27, 2011, Standard &...

Companies mentioned in this report are: SCOR SE,Investors Insurance Corp.,SCOR Global Life Reinsurance Co. of America Inc.,SCOR Global Life U.S. Re insurance Co.,General Security Indemnity Co. of Arizona,SCOR Reinsurance Co. ,General Security National Insurance Co.,SCOR Canada Reinsurance Co.,SCOR Reinsurance Co. (Asia) Ltd.,SCOR Reinsurance Asia-Pacific,SCOR U.K. Co. Ltd.,SCOR Ruekversicherung (Deutschland) AG,SCOR Switzerland AG,SCOR Global P&C Ireland Ltd.,Sweden Reinsurance Co. Ltd.,SCOR Insurance (UK) Ltd.,SCOR Global Life Rueckversicherung Schweiz AG,SCOR Global Life Reinsurance Ireland Ltd.,SCOR Global Life SE,SCOR Global P&C SE,SCOR Perestrakhovaniye,SCOR Africa Ltd.,Prevoyance Re
Action: Affirmed

SCOR SE,Investors Insurance Corp.,SCOR Global Life Reinsurance Co. of America Inc.,SCOR Global Life U.S. Re insurance Co.,General Security Indemnity Co. of Arizona,SCOR Reinsurance Co. ,General Security National Insurance Co.,SCOR Canada Reinsurance Co.,SCOR Reinsurance Co. (Asia) Ltd.,SCOR Reinsurance Asia-Pacific,SCOR U.K. Co. Ltd.,SCOR Ruekversicherung (Deutschland) AG,SCOR Switzerland AG,SCOR Global P&C Ireland Ltd.,Sweden Reinsurance Co. Ltd.,SCOR Insurance (UK) Ltd.,SCOR Global Life Rueckversicherung Schweiz AG,SCOR Global Life Reinsurance Ireland Ltd.,SCOR Global Life SE,SCOR Global P&C SE,SCOR Perestrakhovaniye,SCOR Africa Ltd.,Prevoyance Re

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